FX profile: UniCredit narrows FX focus to CEE
UniCredit is a misunderstood European banking powerhouse, says Bernd Bröker, the recently instated global head of G10 FX. He puts that down to its complex merger history that is sometimes difficult for outsiders to understand and piece together.
It’s an all too familiar catch-cry for UniCredit’s seemingly perennial fledgling FX business, which for sometime has been long on potential yet short on results.
As far back as December 2007, the bank’s then head of FICC Ben Welsh told Euromoney of the UniCredit’s underestimated depth and potential to become a top-five player in global foreign exchange. The bank had ambitions to expand beyond its corporate foundation, into real money and hedge fund clients and in last year’s Euromoney FX survey, the bank reached....